Did the rich actually flee to Florida throughout the coronavirus pandemic?
Miami was positioned because the alternative to New York City during the coronavirus pandemic, however a brand new report exhibits that the Sunshine State wasn’t the highest vacation spot for rich patrons fleeing the Big Apple — it was truly Denver.
In Miami, it’s nonetheless a purchaser’s market. Only 764 luxurious properties and condos offered in 2020 in comparison with 803 the 12 months prior, and a glut of luxurious properties and condos obtainable for sale made the market look weak, in response to a brand new Coldwell Banker Global Luxury report.
The hottest market is the Mile-High City
Denver, Colorado was the most popular luxurious housing market within the U.S. in 2020, in response to the Coldwell Banker report, which weighed the tempo and variety of house gross sales towards obtainable properties in the marketplace to find out how scorching luxurious markets have been in 2020.
In Denver, brokers offered 4,957 luxurious properties in 2020, making the market 36.76% hotter than it was final 12 months when evaluating gross sales to obtainable stock of properties for sale.
The most costly house that offered was $8 million, however most luxurious properties offered for about $1.49 million.
“Businesses gave people the freedom not to come into the office, and we got bombarded. It was relocation on steroids with people coming from everywhere,” mentioned Louie Lee of Coldwell Banker Realty in Colorado.
Runner Ups outdoors Seattle and San Francisco
Suburbs additionally made a great exhibiting. King County, Washington and California’s East Bay got here in second and third as Seattle and Los Angeles residents moved additional out into their surrounding counties. Neither county even made the checklist final 12 months.
In King County, about 4,431 luxurious properties offered in 2020. The most costly sale was $45 million, however the typical luxurious house offered for $2.16 million.
The rating is stunning since Seattle was one of the crucial extreme early COVID-19 outbreaks within the nation. But properties outdoors Seattle offered sooner than ever as patrons sought bigger properties with yards and distance from the town.
“We also saw a market for buyers wanting a nearby second home where they could escape to a safe retreat,” mentioned Jennifer Cameron, vice chairman of Coldwell Banker Bain Global Luxury.
Meanwhile, Alameda and Contra Costa counties within the East Bay have been additionally scorching, as patrons began to prioritize house over commute occasions within the notoriously traffic-clogged space, in response to the report.
About 2,666 luxurious properties offered in 2020. While this quantity is decrease than seen in Denver and King County, it was nearly double as tight — that means there was a lot much less provide than demand.
The most costly house offered for $19 million, however the typical luxurious house offered for about $2.46 million.
“By early June, we saw apprehension morph into a primal search for shelter,” mentioned Kathleen Waelde of Coldwell Banker Realty in Pleasanton.
Dark horses in essentially the most random places
Some unlikely luxurious performers included Salt Lake City, Sacramento and St. Louis.
In Salt Lake City, 1,722 luxurious properties offered in 2020. The market in Salt Lake City was additionally among the many best of the fast-moving markets, in response to the report.
The most costly house offered for $6.5 million, however the typical luxurious house offered for $1.1 million.
“2020 was our best year by far,” mentioned Coldwell Banker Realty’s Molly Jones in Salt Lake City, who mentioned California and New York have been the 2 principal sources of arrivals.
Sacramento might seem to be a big metropolis, however it’s lengthy been overshadowed by San Francisco — which is simply 90 minutes away.
Some 2,084 luxurious properties offered in Sacramento final 12 months. The most costly house offered for $3.5 million, however the typical luxurious house offered for $1.1 million.
“When companies told their employees that they did not need to work from the office for at least the remainder of 2020, buyers flocked here,” mentioned Coldwell Banker Realty’s Angela Heinzer in Sacramento.
Meanwhile, St. Louis, Missouri luxurious properties sit on giant plots of land. It didn’t rank among the many prime luxurious markets, however it was named a “market exceeding expectations.”
Over 1,750 luxurious properties offered in 2020, far outpacing the speed in 2019. The most costly house offered for $4.13 million, however the typical luxurious house offered for solely $768,700.
“COVID-19 is definitely a big impetus for the recent strength. After being cooped up in quarantine, people definitely had the urge to upgrade into living situations with more space and amenities,” mentioned John Ryan at Coldwell Banker Realty Gundaker.